Australia: Treasury Laws Amendment Act 2017 received Royal Assent
25 June, 2017
On 22 June 2017, the Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Act 2017 received Royal Assent. Amends the Taxation Administration Act 1953 to modify the foreign resident capital gains withholding payments regime to: increase the withholding rate from 10 per cent to 12.5 per cent; and reduce the withholding threshold from $2 million to $750 000. For transactions entered into from 1 July 2017 the threshold and rate as stated in this Act will apply.
The federal government released the 2024-2025 Mid-Year Economic and Fiscal Outlook (MYEFO) on 18 December 2024. The 2024-25 MYEFO did not introduce any significant tax reforms, but outlined several noteworthy tax proposals. The 2024–25 MYEFO
Australia has published the Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024, listing jurisdictions for public Country-by-Country (CbC) reporting on 12 December 2024. Notably, Liechtenstein has been excluded
The Australian Taxation Office (ATO) has issued a new taxpayer alert (TA2024/2) on 12 December 2024 targeting arrangements designed to bypass Division 7A requirements. The arrangements involve a profitable private company guaranteeing a loan made
Australia’s Queensland government has proposed the Revenue Legislation Amendment Bill 2024 to Parliament, which proposes full transfer duty relief for first-home buyers. The bill amends the Duties Act 2001 to offer full duty relief for
The Australian Taxation Office (ATO) has initiated a public consultation on the updated draft taxation ruling, TR 2004/18DC, which addresses the application of "capital gains tax (CGT) event K6". This revision clarifies and refines the ATO's
The Australian Taxation Office (ATO) has revised its guidance on the public country-by-country (CbC) reporting regime focusing on public CbC parent registration requirements on 11 December 2024. Australia’s public CbC reporting is a reporting
